Netflix shares have been under pressure ever since the streaming giant reported underwhelming second-quarter results on July 16. The company posted $3.91 billion of sales and added 5.1 million subscribers, missing the $3.94 billion and 6.3 million that Wall Street analysts were expecting. Netflix also warned of subscribers would fall short of estimates in the third quarter.

All these underperformance are warning signals in the eyes of Michael Pachter of WedBush, a long-standing Netflix bear. "They're in a vicious spiral to the bottom in content spend," Pachter, who has a $125 price target, recently told Business Insider.

He says Netflix needs to raise its prices to around $20 a month, nearly double its current fee of $10.99 a month.